Thai authorities are intensifying their efforts to combat the rising use of mule accounts in financial crimes, a trend that has caused significant economic harm and facilitated international criminal activities. On January 13, Pol Gen Thatchai Pitaneelaboot, Senior Inspector General and Director of the Police Cyber Taskforce, convened a meeting with the Bank of Thailand (BoT) and law enforcement agencies to outline a coordinated response aimed at curbing the growing threat.
More than 500,000 mule accounts are currently active in Thailand, contributing to the theft of over 100 billion baht since 2022, officials revealed. These accounts, often set up by individuals for criminal use, enable the transfer of stolen funds through the Thai financial system before converting them into cryptocurrency. These illicit funds are then funneled to call center gangs tied to transnational organized crime syndicates.
The proliferation of mule accounts has not only drained the economy but has also exacerbated a labor shortage. Authorities reported that over 200,000 individuals, primarily of working age, have registered such accounts, indirectly contributing to economic disruption. Officials warned account holders that they face serious legal consequences and emphasized the need for banks to bolster their security systems to thwart future misuse.
In response to the crisis, authorities launched Operation “Breaking the Criminal Bridge,” a nationwide initiative designed to dismantle networks enabling these financial crimes. The operation prioritizes shutting down mule accounts and severing the financial pathways exploited by call center gangs, aiming to safeguard citizens and restore integrity to the financial system.
The BoT, under the leadership of Deputy Governor Rung Mallikamas, has committed to working closely with the Police Cyber Taskforce. Together, they plan to implement stronger measures to prevent further misuse of banking infrastructure and to protect the financial stability of the country.
This collaborative effort marks a decisive step in Thailand’s fight against cybercrime, with officials pledging continued vigilance to dismantle criminal operations and hold perpetrators accountable.
